A3459 • 2025

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Charles Lavine
Last action: 2026-06-01
Official status: In Assembly Committee
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service.

What This Bill Does

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-06-01 Assembly
AMEND AND RECOMMIT TO RULES 3459C
2026-05-28 Assembly
REPORTED REFERRED TO RULES
2026-05-18 Assembly
AMEND AND RECOMMIT TO CODES
2026-05-18 Assembly
PRINT NUMBER 3459B
2026-01-07 Assembly
REFERRED TO CODES
2025-05-19 Assembly
REPORTED REFERRED TO CODES
2025-05-14 Assembly
AMEND AND RECOMMIT TO BANKS
2025-05-14 Assembly
PRINT NUMBER 3459A
2025-01-27 Assembly
REFERRED TO BANKS

Official Summary Text

Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service
Relates to civil penalties for certain fraud or misrepresentation of a material fact with respect to a financial product or service.

Current Bill Text

Read the full stored bill text

S T A T E   O F   N E W   Y O R K
        ________________________________________________________________________

                                          3459

                               2025-2026 Regular Sessions

                                  I N  A S S E M B L Y

                                    January 27, 2025
                                       ___________

        Introduced by M. of A. LAVINE, BURDICK, SAYEGH -- read once and referred
          to the Committee on Banks

        AN  ACT to amend the financial services law, in relation to civil penal-
          ties for certain fraud or misrepresentation of a  material  fact  with
          respect to a financial product or service

          THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
        BLY, DO ENACT AS FOLLOWS:

     1    Section 1. Subparagraph (A)  of  paragraph  1  of  subsection  (a)  of
     2  section 408 of the financial services law is amended to read as follows:
     3    (A)  any  [intentional]  fraud or [intentional] misrepresentation of a
     4  material fact with respect to a financial product or service or  involv-
     5  ing  any  person  offering to provide or providing financial products or
     6  services; or
     7    § 2. This act shall take effect immediately.






         EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05052-01-5